What led the U.S. to standardize option contracts to 100 shares per lot?
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Longer than a comment, but not fully an answer:
Wikipedia has a short article on the Odd lotter, someone who trades in odd lots (less than 100 shares). This then led to 'Odd lot theory', one of many technical analysis proposals, where the 'odd lotter' was assumed to be an uniformed small investor who could be taken advantage of. The article claims the theory was common in the 1960's and 1970's. The term itself, 'odd lot', per dictionary.com goes back to 1895-1900.
An options board would want to trade in readily fungible things - specific quantities of whatever. Since the standard size of stock transactions was 100 shares, it only makes sense that they would use that quantity. Remember, this was when actual physical stock certificates were issued to you, so there was a not-insignificant cost to the transaction in the first place.
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